Technical outlook and chart setups:
The GBP/CHF pair continues to drift sideways in a triangle structure with decreasing resistance and constant support. The support region seems to be around 1.2875/80 levels while resistance has been dropping since 1.3200 levels. The pair is seen to be trading at 1.2930 levels at the moment and should be looking to break higher but needs to push above 1.3050 levels to confirm. The wave structure still indicates that the pair is expected to push higher through 1.3250 levels, which is major resistance on higher timeframes (4H, not seen here). Please also note that 1.2875 levels were the termination of wave 4 within the 5 waves rally that begun from 1.2500 levels earlier. Bulls should remain poised to stay in control till prices trade above 1.2875 levels going forward. It is hence recommended to remain long with a risk below 1.2850 levels. Immediate resistance is seen at 1.3200 levels, while support is at 1.2875 levels respectively.
Trading recommendations:
Remain long for now, stop at 1.2850, and target 1.3250.
Good luck!
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